Today's First For Trading Call

USDJPY - Rerverse Head and Shoulder; Bullish above 80.18

Ian Coleman - First 4 TradingIan Coleman - First 4 Trading , Analyst, First 4 Trading
Filed in Today's First4Trading Call
United Kingdom, 16 May 2012 at 06:31 GMT+0
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Continued buying from Monday's low (79.67) resulted in USDJPY breaking back inside the daily cloud resistance while trading to the most positive level in seven working days. Although the upside may stall close to 80.63, this month's previous high, the bias this morning is regarded as bullish. In view of these facts our call is a Bullish above 80.18.

The profit targets will be 80.63, this month’s high, then 80.80 and 81.00.

The risk however would be with selling through a stop of 81.18, today's Asian open.

UJ daily

 

UJ Monthly

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  2. USDJPY

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